AXA APH execs on the job lookout

National Australia Bank
’s wealth management arm has employed a former senior
AXA Asia Pacific Holdings
executive, and others are believed to be considering their options as the proposed $14.6 billion merger between AMP and AXA APH reaches a conclusion, say industry sources.

Andrew Barnett, whose positions at AXA APH included head of structured solutions and head of superannuation and retirement incomes, will lead a new retirement solutions team formed by NAB Wealth and the bank’s other wealth management subsidiary, MLC.

Mr Barnett was involved in the team behind AXA APH’s North platform and product range, the success of which contributed to the Australian Competition and Consumer Commission’s decision to reject NAB’s bid for AXA APH, opening the door for a rival offer by AMP.

An AXA spokesman said Mr Barnett’s position was removed after a restructure that led to the promotion of Steve Burgess, the group general manager of platforms.

MLC and NAB are planning further recruitment to the retirement solutions team, but would not comment on whether other AXA APH staff were being targeted.

Headhunters claim some AXA APH executives, who have been through about 16 months of uncertainty about their future owners as NAB and AMP fought for control, are using a strong job market to investigate what’s on offer.

Bruce Gregory, chief executive of CFS Career Management, said he had been “discreetly" approached by senior AXA executives considering their options and positions opening in domestic and foreign banks and other financial services companies, including hedge funds.

Mr Gregory said their typical profile was a senior manager, or executive, in charge of people, or processes, with salaries, excluding bonuses, starting around $120,000 and “going much higher".

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“There are a lot of opportunities out there and a lot of movement in financial services," said Mr Gregory. “It is an extremely competitive market and there is a lot of good employable fodder making itself available."

Managing director of search company Derwent Executive, Ben Derwent, also said the jobs outlook, particularly for senior financial officers, was strong.

“But nothing is going to happen at breakneck speed. There is a lot of organisational knowledge that AMP would not want to lose, particularly as they are initially likely to run a separate brand," he said.

AMP’s merger with AXA APH is awaiting shareholder, regulatory and government approval, but is expected to go through.